Key indices continued to trade with modest gains in mid-morning trade as firmness in global stocks supported gains on the bourses. At 11:20 IST, the barometer index, the S&P BSE Sensex, gained 110.69 points or 0.33% at 33,712.37. The Nifty 50 index rose 37.20 points or 0.36% at 10,425.95.
The market opened higher and traded with modest gains so far during the session.
The S&P BSE Mid-Cap index rose 0.92%. The S&P BSE Small-Cap index gained 1.15%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than three gainers for every loser on BSE. 1,754 shares rose and 581 shares fell. A total of 126 shares were unchanged.
Metal & mining stocks gained for the fourth straight day after the World Bank raised its forecast for China's economic growth in 2017 to 6.8% from 6.7% it projected in October. JSW Steel (up 0.31%), Bhushan Steel (up 0.64%), Hindustan Copper (up 0.49%), Vedanta (up 1.18%), Hindalco Industries (up 1.02%), Hindustan Zinc (up 1.38%), Jindal Steel & Power (up 1%), Tata Steel (up 0.54%), Steel Authority of India (Sail) (up 1.63%), National Aluminum Company (up 1.48%) and NMDC (up 1.63%) gained. China is the largest consumer of steel, copper and aluminum.
Cement stocks also gained. ACC (up 0.39%), Ambuja Cements (up 0.87%), and UltraTech Cement (up 0.9%) gained. Shree Cement declined 0.08%.
Grasim Industries advanced 0.3%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Suzlon Energy rose 1.78% after the company said it received 252 megawatts wind power project order from a leading global utility as part of SECI ll bid. The announcement was made during trading hours today, 19 December 2017.
A leading global utility has awarded a wind power project of 252 megawatts (MW) to Suzlon Group. This project is won by the utility through SECI ll auction held recently. Suzlon will execute the entire project on a turnkey basis and will also provide operation and maintenance services. With this order, Suzlon has secured combined orders of 502 MW across SECI - l and SECI- ll auctions.
Overseas, most Asian stocks gained after a record-setting session on Wall Street on bets that US lawmakers would pass sweeping tax legislation. Japan's government revised up its growth projections for the current and next fiscal years, forecasting the economy to expand 1.9% and 1.8% respectively on the back of steady improvement in domestic demand, the Cabinet Office said.
US stocks closed at all-time highs yesterday, 18 December 2017, as investors eagerly awaited a vote on a bill that would cut corporate taxes. A slew of corporate deals also helped lift sentiment.
Congress is reportedly expected to vote as early as today, 19 December 2017, on a plan that would slash the federal corporate tax rate to 21% from 35%. Passing the bill would mark a big legislative win for Republicans, who have been pushing to revamp the US tax code for most of 2017.
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